U.S. Physical Therapy Secures $450 Million Credit Facility for Expansion
U.S. Physical Therapy Announces $450 Million Credit Facility
BenzingaImage: Benzinga
U.S. Physical Therapy, Inc. has secured a $450 million credit facility to enhance its operations and growth. This facility includes a $175 million term loan and a $275 million revolver, reflecting strong lender confidence and an increase from the initial $400 million amount.
- 01U.S. Physical Therapy has closed a $450 million credit facility, up from an initial $400 million.
- 02The facility includes a $175 million term loan and a $275 million revolver.
- 03The maturity date for the credit facility is set for April 14, 2031.
- 04The company aims to use the funds for growth and shareholder returns.
- 05Major banks involved include Bank of America, Regions Bank, and JP Morgan.
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U.S. Physical Therapy, Inc. (USPH), a leading operator of outpatient physical therapy clinics in the United States, has announced the successful closing of a $450 million credit facility. This facility includes a $175 million term loan and a $275 million revolving credit line, with a maturity date of April 14, 2031. The credit facility was upsized from an initial amount of $400 million due to strong lender support, reflecting the company's solid credit profile and the confidence of its banking partners. Chris Reading, the company's Chairman and CEO, noted that this increased borrowing capacity will support the growth of their physical therapy and industrial injury prevention businesses while also allowing for capital returns to shareholders. The credit facility syndicate includes major financial institutions such as Bank of America Securities Inc. and Regions Capital Markets, among others. U.S. Physical Therapy operates 783 clinics across 44 states, providing a range of services including orthopedic care, sports injury treatment, and industrial injury prevention.
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This credit facility will enable U.S. Physical Therapy to expand its services and improve operational capacity, benefiting patients and employees across its clinics.
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